WACHOVIA ORGANIZATIONAL CHANGES DESIGNED TO SUPPORT CUSTOMER-FOCUSED GROWTH
CHARLOTTE, NC — Wachovia has made several organizational changes aimed at better customer service.
“We know more about our customers’ needs and behaviors than ever before,” said Ken Thompson, Chairman and CEO. “These changes will better align our internal organization with the customer and enable us to exceed expectations at every stage of a customer’s life or business cycle.”
Enhanced Marketing Division
A new Marketing division encompassing corporate marketing, e-commerce, market research, customer service and innovation will be led by Ranjana Clark, former head of Wachovia’s Treasury Services division. Clark joins the corporate Operating Committee and will report to Thompson.
“Ranjana is the perfect leader to bring together these functions, increase our focus on innovation and ensure that we continue to deliver creative financial solutions and the best possible experience to our customers,” said Thompson. “While leading the third-largest treasury management bank in the U.S., Ranjana demonstrated expert ability to apply innovation to achieve the highest levels of customer satisfaction.”
Among other industry honors, Wachovia Treasury Services was rated No. 1 in Overall Relationship Quality in a 2006 Greenwich Study and was rated “A” for customer service in a 2006 Phoenix-Hecht Study. Clark will provide interim leadership to Treasury Services until a replacement is named.
Seamless Commercial Real Estate and Investment Banking Coverage
Two realignments in the Corporate and Investment Bank are designed to provide seamless coverage to commercial real estate, corporate investment banking and private equity clients as the Corporate and Investment Bank continues its rapid growth in market share.
The General Bank’s Real Estate Financial Services group, which offers clients short-term financing and other banking services, will become part of the Corporate and Investment Bank’s Global Markets and Investment Banking (GMIB) group, headed by Ben Williams. Real Estate Capital Markets and the Real Estate Investment Banking group, which also reside in GMIB, provide permanent and intermediate capital solutions including commercial mortgage-backed securities, mortgage banking, mezzanine financing, public debt and equity underwriting as well as strategic advisory services. Together, these three groups will provide end-to-end real estate banking and financing solutions for commercial real estate clients.
The Corporate and Investment Bank also has aligned its Financial Sponsors and Corporate Finance groups under the leadership of Jonathan Weiss. Weiss is an industry veteran with more than 25 years of experience who joined Wachovia in 2005 as managing director and head of the Financial Sponsors group.
“Wachovia is a market leader in commercial real estate,” said Williams. "In 2006, we delivered over $118 billion in financing to the sector. Bringing our origination and capital markets teams closer together will make Wachovia even more effective in providing comprehensive advice and capital solutions to our real estate clients.
“At the same time, aligning Corporate Finance and Financial Sponsors under a single leader will enable us to deliver seamless coverage, innovative solutions and value-added advice to our corporate and private equity clients.”
Expanded Wealth Management Organization
Wachovia has combined the Retail Bank’s Private Advisory Group with Wealth Management to form an expanded business unit focused on the affluent, high-net-worth and ultra-high-net-worth segments. Wealth Management, led by Stan Kelly, will report to Ben Jenkins, Vice Chairman and head of the General Bank. Wealth Management will continue to operate as a distinct line of business and will report financials separately. Kelly continues as a member of the corporate Operating Committee.
“With the significant transfer of wealth under way and the increasing number of affluent individuals, this move positions Wealth Management for growth and enables us to deliver our robust suite of products and services across a broader client base,” said Kelly. “Working together as one group, we will serve clients from emerging wealth to ultra-high-net-worth. This new structure will enable us to leverage strong partnerships throughout Wachovia to identify affluent clients and deliver outstanding service and financial advice.”
“This alignment enhances our ability to meet customer expectations regardless of where they are in their financial life cycle,” said Jenkins. “Employees will be able to deliver a seamless customer experience as we focus on enhancing growth and profitability in this important segment.”
Wachovia has led the financial services industry for six straight years in the American Customer Satisfaction Index (ACSI), a survey of consumer satisfaction conducted by the University of Michigan Ross School of Business. In this year’s ranking, Wachovia became the first major U.S. bank in the 13 years of the independent survey to earn a score of 80 – eight points higher than its closest peer named in the study.
Wachovia Wealth Management was named 2006 Platform Provider of the Year by Private Asset Management in recognition of its new Advantage investment program.
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